Banking · Foreign Exchange Management

Which of the following statements accurately reflect the regulatory framework governing Exchange Earners' Foreign Currency (EEFC) accounts? Statement I: An EEFC account can be held jointly with a resident relative on a former or survivor basis, but the resident relative cannot operate the account during the lifetime of the primary holder. Statement II: Funds in the EEFC account can be used for making payments for all types of current account transactions, including import payments and repayment of foreign currency loans. Statement III: A resident individual is allowed to transfer funds from their EEFC account to another resident individual's EEFC account for settling a domestic trade debt.